Tanzania, Jan 9 – The banking sector in Tanzania continues to register an important mark in the economy with the Bank of Tanzania issuing a license to new financial institution Guaranty Trust Bank (Tanzania).
Central bank (BoT) added the commercial banks tally to 38, after granting the Trust Bank the operational permission in December 28, 2017.
The new bank’s head office is located at at Plot 4, Regent Estate, Victoria, Dar es Salaam.
BoT had dissolved five banks that fell short of the requirements of the Banking and Financial Institutions Act 2006 and its regulations paving way for the unveiling of the new bank.
The banks had failed to meet the capital threshold of Tshs 2 billion resulting in their liquidation.
Covenant bank for Women (Tanzania) Limited, Efatha Bank Limited, and Njombe Community Bank Limited were among the banks that were liquidated. Others include Kagera Farmers’ Cooperative Bank Limited and Meru Community Bank Limited.
GTBank has other branches in Rwanda, Uganda and Kenya and was eager to complete its influence by adding its print in Tanzania.
The bank has provided employment opportunities, already recruiting fresh university graduates.
It provides a wide variety of services including retail banking, commercial banking, SMEs banking and treasury banking.
The financial institution is a subsidiary of Guaranty Trust Bank PLC, a foremost Banking Group headquartered in Lagos, Nigeria, and listed on the Nigeria and London Stock Exchanges that over the years has performed exceptionally well.